THE SOCIETY OF ANTIQUARIES OF LONDON

Registered Charity No. 207237

Charity registered in England and Wales

REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 March 2019

Burlington House

Piccadilly

London W1J 0BE

www.sal.org.uk

The Society of Antiquaries of London Annual Report of Council 1 April 2018 to 31 March 2019

Contents

OBJECTIVES AND ACTIVITIES ............................................................................... 1

KEY ACHIEVEMENTS AND PERFORMANCE ......................................................... 3

Introduction ............................................................................................................... 3

Conservation ............................................................................................................. 3

Kelmscott Manor and Estate .............................................................................. 3

Kelmscott and Morris: Past, Present & Future ................................................... 4

Museum Collections .......................................................................................... 4

Research ................................................................................................................... 5

Grant programme .............................................................................................. 5

Library ............................................................................................................... 5

Library Strategic Plan ........................................................................................ 6

Other activities ................................................................................................... 6

Dissemination ............................................................................................................ 7

Loans from the Society’s collections .................................................................. 7

Publications: Antiquaries Journal ....................................................................... 7

Monograph programme ..................................................................................... 8

Online dissemination of publications .................................................................. 8

Ordinary Meetings and seminar programme ...................................................... 8

Regional Fellows’ Groups .................................................................................. 9

Communications, social media and website ...................................................... 9

Public lecture programme ................................................................................ 10

Electronic dissemination of lectures and seminars ........................................... 10

Other public events .......................................................................................... 10

Public policy and consultations ........................................................................ 10

Enabling the Society to Achieve its Objectives ........................................................ 11

Burlington House lease renewal ...................................................................... 11

Development Office ......................................................................................... 11

Governance ..................................................................................................... 12

FINANCIAL REVIEW .............................................................................................. 13

Income .................................................................................................................... 13

Expenditure ............................................................................................................. 14

Conservation (note 7) .............................................................................................. 14

Research (note 7).................................................................................................... 15

Dissemination (note 7)............................................................................................. 15

Fixed Asset Additions .............................................................................................. 16

Kelmscott Manor incorporating Lucerna Ltd ............................................................ 16

The Society of Antiquaries of London Annual Report of Council 1 April 2018 to 31 March 2019

Gains on Revaluation of Investments ...................................................................... 16

Actuarial Losses on Defined Benefit Pension Schemes .......................................... 16

FUTURE PLANS ..................................................................................................... 17

Enabling the Society to Achieve its Objectives ........................................................ 17

Conservation ........................................................................................................... 17

Museum collections ......................................................................................... 17

Kelmscott Manor .............................................................................................. 17

Research ................................................................................................................. 17

Grants ............................................................................................................. 17

Library Strategic Plan ...................................................................................... 17

Dissemination .......................................................................................................... 18

Monograph programme ................................................................................... 18

Public exhibitions and events at Burlington House ........................................... 18

Website and membership database ................................................................. 18

The Future............................................................................................................... 18

Reserves Policy ...................................................................................................... 19

Investment Policy .................................................................................................... 19

Grant-making Policy ................................................................................................ 20

LEGAL STRUCTURE, GOVERNANCE AND MANAGEMENT ................................ 22

Organisation ............................................................................................................ 22

Council (Trustees) and advisory committees ................................................... 22

Appointment and training of Council members (Trustees)................................ 23

Contribution of volunteers ................................................................................ 24

The Society’s staff ........................................................................................... 24

Remuneration of senior staff ............................................................................ 25

Subsidiary relationships ................................................................................... 25

Risk management ............................................................................................ 25

FUNDRAISING ACTIVITIES ................................................................................... 26

ADMINISTRATIVE DETAILS................................................................................... 28

STATEMENT OF COUNCIL’S RESPONSIBILITIES ............................................... 30

INDEPENDENT AUDITOR’S REPORT…………………….……………………………31

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OBJECTIVES AND ACTIVITIES The Society of Antiquaries of London is charged by its Royal Charter of 1751 with ‘the

encouragement, advancement and furtherance of the study and knowledge of the antiquities and

history of this and other countries’.

Hence, the range of the Society’s interests covers a wide field, from the archaeology of all periods

and all countries to heraldry, art history, architectural history and other subjects based on the

study of the material remains of the past. The Society is composed of an elected college of more

than 3,000 Fellows, drawn from scholars and practitioners working in the fields of archaeology,

architectural and art history, museum studies, conservation and cultural resource management,

together with ecclesiastical, documentary, heraldic, musical and linguistic study – the common

theme being the study of the material past.

The Society’s strategy for meeting its charitable objectives (set out in its Strategic Plan 2015-20)

is to use the assets of the Society (its buildings, Library and museum collections, and grant

programme) to aid the Fellowship and others in conservation and research of the remains of the

past, and to communicate the importance of conservation and research to the public. The

Society’s strategy may thus be summarised as:

· conservation,

· research,

· dissemination.

This Report is therefore structured accordingly.

In order to achieve its objectives, the Society has prioritised the following activities:

· continue to engage with our landlord (the Ministry for Housing, Communities and Local

Government MHCLG) to reach a satisfactory solution to our long-term tenure of Burlington

House;

· continue to care for its Library and museum collections through a programme of regular

conservation;

· improve digital and physical access to the Library by implementing the Library Strategic

Plan;

· increase public understanding and support for our heritage by:

o increasing public access to the museum collections through events, exhibitions

and online initiatives;

o involving more Fellows in explaining their work and the Society’s collections to the

public;

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· help shape the heritage policies of the Government and other relevant organisations

through the activities of the Policy Committee;

· secure funding for the Society’s new vision for Kelmscott Manor – the Kelmscott and

Morris: Past, Present and Future Project;

· undertake sound business planning for the future and address the operating deficit by

maximising income whilst controlling costs;

· continue to raise funds from external sources to support the Society’s current and planned

aims and activities.

The Society uses a range of criteria to assess the success of its activities. These include:

· financial performance:

o income from investments, subscriptions, room hire, activities at Kelmscott and the

Development Office.

o control of costs (staff and service supplier costs).

· library visitor statistics.

· public visitor numbers and feedback at Kelmscott and from public lectures, events and

exhibitions at Burlington House.

· number of visits, viewings and downloads from our website and other digital resources.

In shaping the Society’s objectives for the year and planning its activities, the Trustees have

considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public

Benefit: Running a Charity’ (PB2).

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KEY ACHIEVEMENTS AND PERFORMANCE

Introduction

The Society is based at two sites:

· Burlington House, on Piccadilly, in London, where it hosts lectures, research seminars

and events, and houses an Accredited Museum of over 45,000 objects and paintings, as

well as a world-renowned library of over 130,000 books, manuscripts, prints and drawings.

· Kelmscott Manor, in Oxfordshire, the former summer home of William Morris, who was a

Fellow of the Society.

In addition, the Society supports meetings of its Fellows in the UK regions and internationally.

The Society has had an extremely successful year with the following notable achievements.

Conservation

The Society undertook conservation of its own historic buildings, Library and museum collections

at Burlington House and Kelmscott Manor.

Kelmscott Manor and Estate Kelmscott Manor, located in West Oxfordshire, is at the forefront of the Society’s vision to be an

outward-facing heritage charity, engaging and informing the public about the past.

The 2018 Open Season attracted 21,057 visitors from the UK and around the world. Feedback

via emails, letters and online has remained very positive with high levels of satisfaction across all

aspects of the business. Our support team of over 100 volunteers remains a key component of

our success working alongside a dedicated staff.

Due to continual good management the trading operations at the Manor returned a surplus (after

accounting for costs incurred by Burlington House staff) of £998. The Tearoom and Shop both

produced good results during the open season with operating costs being kept down in

September and October.

One of the highlights of the year was the special exhibition of paintings, drawings and writings by

the artists Edward and Stephani Scott-Snell. These were donated to the Society by Joscelyn

Godwin, their son and was of great interest to our visitors.

In August, we welcomed two interns from Oxford University to carry out further research into the

collection. This is the fifth year we have worked with the University in giving interns valuable

experience working in a historic visitor attraction and Accredited Museum.

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Throughout the year the Manor hosted various events for Friends, volunteers and visitors. These

included special talks in the Morris Memorial Hall, several activity days at the Manor run by the

volunteer education group and a talk by Kathy Haslam on the May Morris travel journals recently

acquired by the Society. In September, staff and volunteers made a trip to Red House in

Bexleyheath and later a visit to the Edward Burne-Jones exhibition at Tate Britain.

In October, we welcomed His Excellency the Ambassador and staff from the Embassy of Iceland

for a tour and lunch. This was an informative visit for all, and we will continue communication links

as part of the ongoing development project.

Improvement works were completed on four of the tenanted cottages due to legal changes

regarding energy performance of rented houses. A new heating system was installed in 1

Memorial Cottage and wood burning stoves in 2 Memorial Cottage and 4 Manor Cottage, with

additional insulation installed in the roof areas.

Kelmscott and Morris: Past, Present & Future

During the financial year, the Development Phase of the Kelmscott And Morris: Past, Present &

Future (KMPPF) project was completed. This was funded by the Heritage Lottery Fund (now the

National Lottery Heritage Fund, NLHF) and other generous supporters. Our team of architects,

engineers and quantity surveyors, business and activity planners, and interpretation designers

produced a planning application which was submitted and approved by the local planning

authority. In June 2018 we submitted our Delivery Phase application to NLHF and were delighted

that in September 2018 the NLHF awarded the Society a grant of £4,300,400. The grant

represents 77% of the total project costs and is the largest single grant ever made to the Society.

The KMPPF project will focus on enabling the public to explore the past through the eyes of

William Morris, Fellow of our Society. The project will entail a programme of essential repairs,

refurbishments, learning and community activity programmes and the construction of a new

learning building. Work is projected to start on site in October 2019. The successful NLHF grant

application and £1 million raised in match funding was the product of very hard work by staff,

Fellows, trustees and consultants, and marks a milestone in the care and development of the

Manor as a vehicle for the Society to inform and engage the public in understanding the past.

Museum Collections

The collections at Burlington House and Kelmscott Manor each hold Accredited Museum status.

The collection of over 45,000 objects at Burlington House contains prehistoric, classical and

medieval antiquities, seal matrices and impressions, and paintings as well as items relating to the

history of the Society. The collection at Kelmscott Manor is primarily the contents of the house

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and comprises c.800 objects. There is a Collections Development Policy, Care and Conservation

Policy, and Documentation Policy for the management and preservation of the collections.

The magnificent late 17th/early 18th century falling ball clock extensively modified by Benjamin

Lewis Vulliamy and given by him to the Society in 1848 was conserved thanks to grants from the

Leche Trust, the Antiquarian Horological Society, The Worshipful Company of Clockmakers and

Fellow supporters. The conservation was undertaken at West Dean College of Arts and

Conservation, thus allowing students on the horological conservation course the rare opportunity

to see and study this unique time piece.

The Society accepted a further gift of drawings by Edward Scott-Snell who was tenant at

Kelmscott Manor between 1940 and 1948 and added to our collection of materials about the

occupancy of the manor between 1938 and 1962.

Arts Council England (ACE) postponed their request for the Society’s Accreditation return until

2019-2020.

Research

The Society encourages research into all aspects of the material past by a programme of grants

and through maintaining and developing a world-famous antiquarian library and associated

collections.

Grant programme

The Society encourages research by awarding grants to a wide spectrum of researchers and

students of the material past. During the reporting period, the Society awarded research grants

to thirty-two projects amounting to £144,941 and one travel grant of £350. This is considerably

higher than previous years (2017-18: 16 research grants awarded amounting to £76,575), and

the Society is now making a significant contribution to funding research in Britain and around the

world. It demonstrates that the Society’s long-term aim of increasing our research funds is making

excellent progress. It was particularly pleasing that this year’s awards contained the first awards

from the de Cardi fund for research in Baluchistan and the Persian Gulf.

Eighteen grants to support church conservation from the William and Jane Morris fund amounting

to £38,500 (2017-18: £40,000) were also awarded.

Library

Burlington House contains the largest antiquarian library in Britain, with an outstanding collection

of more than 100,000 books dating from the fifteenth century to the present day, covering British

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and European archaeology, architectural history, medieval decorative arts, and other subjects

based on the study of the material remains of the past. There are special collections of broadsides

and proclamations and 1,020 manuscripts, including the finely illuminated Lindsey Psalter of the

early thirteenth century and a contemporary copy of the third revision of the Magna Carta of 1225.

The Society also owns an outstanding collection of historical prints and drawings of British

topography and antiquities. Together, the Library collections form a unique resource for Fellows,

researchers and the public. Conserving and adding to the collection and making it more widely

available for research lie at the heart of the Society’s objectives. The Library and Museum

Collections comprise the Society’s major research resource for scholars from Britain and around

the world.

Between 1 April 2018 and 31 March 2019, there were 1,921 research visits to the Library, and

library and collections staff dealt with 3,016 enquiries, including 176 image requests. 50% of

enquiries were from Fellows and 50% from external researchers. Fellows borrowed 721 books.

The 655 registered users of OpenAthens now have remote access to nearly 80 online journals

and electronic resources.

Library Strategic Plan

The Library Strategic Plan focuses on improving the visibility and accessibility of the Society’s

Library and Museum collections. In order to make the Library collections visible and discoverable

to researchers, all of the collections should be catalogued and made available online through a

single cross-collection search portal. This ambitious aim would develop a single interface that

enables people to search for materials across a wide range of catalogues and resources, going

far beyond the service offered by the present Library, drawings and museum collections

catalogues. In 2018-19 the Society commissioned consultants to undertake research into the cost

and suitability of various software packages that might be used to facilitate the cross-collection

cataloguing system that would be required.

Other activities

The Library and Collections team held the 4th Postgraduate Open Day which was attended by

over 50 postgraduates and early career researchers from around the country. Attendees had the

opportunity to explore the Library and Museum collections, network and meet Fellows.

The Society hosted a study day on the Winton Domesday – one of the most important documents

in its collections. The Study Day, which explored possibilities for further research on the book,

was part of Hampshire Cultural Trust’s Wintancester Project. One of the key outputs will be an

exhibition in Winchester in 2020, to which the Society has agreed to lend the Winton Domesday.

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Dissemination

The Society disseminates its work and that of its Fellows by means of exhibitions and loans,

publications, lectures, seminars, and electronically through the web and email. As discussed

under ‘Conservation’ and ‘Research’ (above), visitors to Kelmscott Manor and users of the Library

at Burlington House are significant indicators of the Society’s desire to impart to the public the

importance of our heritage.

Loans from the Society’s collections

The Society’s collections continue to be requested for inclusion within temporary exhibitions

nationally and internationally. During the year the Society loaned 14 objects from its collections

to 4 exhibitions at 5 venues. A mirror from Kelmscott Manor was loaned to the National Gallery,

London for its exhibition Reflections: van Eyck and the Pre-Raphaelites, which attracted 83,846

visitors. The Society’s collection of nine arch-topped portraits were loaned to the exhibition The

Paston Treasure: Microcosm of the Known World shown first at Yale Center for British Art, New

Haven, where it attracted 16,791 visitors, and then at Norwich Castle Museum & Art Gallery,

where it attracted 54,082 visitors. The two manuscripts from Peterborough Abbey were loaned to

an exhibition at Peterborough Museum & Art Gallery as part of the celebrations of 900 years of

Peterborough Cathedral. The exhibition attracted 21,135 visitors. In total, nearly 178,000 people

were able to view items from our collections in exhibitions.

Smaller scale displays continue to be exhibited in Burlington House drawing attention to little

known aspects of the Library and collections. Highlights this year included a display of drawings

of the 14th century stained-glass windows at Tewkesbury Abbey documenting their restoration in

1923. The display contributed to a greater understanding of the restoration and drew considerable

attention from the present staff at the Abbey and the British Society of Master Glass Painters. A

display of photographs of French castles taken by T.E. Lawrence in 1907 and 1908 accompanied

by an ‘Unlocking our Collections’ feature was the outcome of a project by one of our Fellows to

properly identify, list and re-package the collection.

Publications: Antiquaries Journal

Volume 98 was published in November 2018, with 3,300 copies despatched worldwide, mainly to

Fellows. Approx. 240 copies were despatched as part of an arrangement with the Library to

exchange journals with other learned societies and institutions. Through this scheme, the Library

has in return received over 150 international journals and over 50 UK journals, giving Fellows

(and non-Fellows using the Library) access to valuable, up-to-date research at no cost to the

Society. In 2018 the Library received review books worth in total approx. £4,000. In the period

Jan - March 2019, books with a retail value of approximately £1,200 were forwarded by the

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Reviews Editor to the Library, allowing the Library to offer recently published research to Fellows

and non-Fellows at no cost to the Society.

Monograph programme

The Society’s monograph programme has as its focus the publication of high-quality, peer-

reviewed research, making this available in print and as Open Access (OA) via OAPEN and ADS

to disseminate the research quickly and widely. There are four titles in production at the moment,

the first (due to publish in Sept 2019) is The Staffordshire Hoard: An Anglo-Saxon Treasure edited

by Fellows C. Fern, T. Dickinson and L. Webster. Work continues on the publication of The

Inventory of King Henry VIII (vol. III, eds M. Hayward and D. Starkey), Landscape and Settlement

in the Vale of York (S. Roskams and C. Neal) and Isurium Brigantum: An Archaeological Survey

of Roman Aldborough (R. Ferraby and M. Millett).

Online dissemination of publications

The Society has over one-quarter of its backlist Research Reports available as Open Access via

OAPEN, with another fifteen to be uploaded in the coming months, bringing key research to

academics and the public in the UK and overseas. Interest in the Society’s backlist is global, as

can be demonstrated by the latest statistics from OAPEN for 2018-19, which confirm that there

have been 3,366 downloads of the Society’s titles in 80 countries, including many developing

countries. The most popular titles for downloading are The Dictionary of British Arms vols 1-4,

which have attracted 2,351 downloads across all four volumes during the year.

Ordinary Meetings and seminar programme We held 20 Ordinary Meeting lectures: 17 in Burlington House and 3 in our Regional Group areas-

one in York, Exeter and Cardiff. Our Burlington House lectures were attended by 922 people and

our regional lectures attended by 110.

We sponsored 2 conferences, both organised by fellows of the Society. In the autumn, ‘The Late

Glacial Palaeolithic’, organised by Professor Nick Barton FSA, was attended by 80 people,

including Fellows, academics and students. Following this conference, one of the international

speakers subsequently applied for, and was awarded, a Society grant for research. In spring,

‘Secret Spaces: Medieval Sacristies, Vestries, Treasure Rooms and their Contents’ was

organised by Professor Eduardo Carrero Santamaría, Dr Alexandra Gajewski FSA, Dr Michael

Carter FSA and Dr Lesley Milner FSA. This conference was fully booked and attended by 110

people. SAM FOGG sponsored the reception and following this has begun using the Society to

host events and lectures.

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Regional Fellows’ Groups Our Regional Groups continue to be active and are now more supported in their activities by the

Society. The Exeter Group are aiming to expand and hold lectures beyond the regularly held

archaeology lectures. The Welsh Group are very active, and we are supporting them with their

conference in November 2019 by offering administrative, marketing and financial support.

Communications, social media and website

Mailings continue as scheduled. Fellowship News increased to 3 editions to celebrate the

successful Kelmscott NLHF grant award.

The Society commenced the overhaul of its website to make it more flexible to update and more

accessible for users. This will be completed in 2019-20. From April 2018-March 2019 we had

496,293-page views from 115,425 users. 83% are new users, with 53% using desktops, 28%

mobiles and a further 20% on tablets. Mobile traffic should increase with the new website as the

current one is not optimised for mobile screen use. As with last year, almost 80% of traffic comes

from the UK, with 10% from the USA.

Website Analytics

The Society continued to publish SALON, its fortnightly e-newsletter, containing a digest of news

about Fellows and their activities, new research findings and public debates on heritage policy.

We have 2,969 SALON subscribers with open rates higher than the average at 50%+. This is an

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increase of 5% on the last year. Twitter engagement spikes following the mailing of SALON each

fortnight and regularly generates online discussion.

Social media audiences continue to grow with 4,417+ likes on Facebook, 9,332 + Twitter followers

and 2,220 + followers on Instagram.

Public lecture programme The Society held 12 public lectures from April 2018-March 2019, which were attended by a total

of 890 people. Many repeat attendees are seen at the lectures throughout the year. 10 public

tours were held with 134 participants.

Electronic dissemination of lectures and seminars

The Society continues to host recordings of its lectures on YouTube. Views in this financial year

were c.19,000, which is slightly down on last year.

Other public events

The Society held a number of public events during the year including:

· Our research showcase, Unearthing the Past (held in July 2018 as part of the Courtyard

Late event with other Learned Societies at Burlington House), attracted 610 visitors who

learned what some of the recipients of our research grants had discovered about the past;

· Open House London (September 2018) attracted over 200 visitors;

· An operatic performance of Mary’s Hand by McCaldin Arts (February 2019), which was in

part inspired by the Society’s own portrait of Mary 1, attracted approximately 100 people.

These events raised public interest in, and awareness of, history and archaeology by showcasing

significant research that either the Society has supported or some of the major exhibits in our

collection.

Public policy and consultations

The Policy Committee, guided by the Society’s Statement of Values, advises on and formulates

the responses to public consultations and its public statements on other heritage issues of

concern to the Society. The Committee has been very active and has proved an excellent forum

for drawing on and collating the Fellowship’s wide range of expertise and experience in heritage

policy. On behalf of Council, the Policy Committee engaged in a number of consultations over

government policy and guidance; these included the following:

· The Arts and Humanities Research Council (AHRC) Strategic Delivery Plan

· Historic England’s Strategy for the Future of the National Heritage List for England

· The Heritage Lottery Fund (now the National Lottery Heritage Fund) Forward Strategy

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· The redrafted National Planning Policy Framework (NPPF)

Enabling the Society to Achieve its Objectives

In addition to the cost of maintaining and running Burlington House, the following key tasks were

undertaken during the year.

Burlington House lease renewal The Society’s premises at Burlington House are currently occupied under a 10-year lease agreed

with the then Office of the Deputy Prime Minister (ODPM) in 2005. The lease is renewable for a

further seven 10-year periods. The first lease expired on 31 January 2015 and was ‘held over’

pending resolution of issues with the landlord’s agent’s re-valuation of Burlington House. In March

2018 the Ministry for Housing, Communities and Local government (MHCLG, the successor

department to the ODPM) issued the second lease for the period 2015 to 2025. Rent demands

were also issued for the years (2014-2018) that had been ‘held over’. The back-dated rent

amounted to £457,585 and was significantly in excess of what the Society had estimated would

be payable and had been accruing for that period. The lease for 2015-2025 was signed and the

back rent paid, since the Society would have to vacate Burlington House if we had not done so.

The rapidity of the rent increase (from £14,000 in 2013 to £150,917 in 2018) obviously poses

severe problems of affordability for the Society. However, the completion of the 2015–25 lease

by the Society protects our legal status under the 2005 lease, to occupy at a rent which, however

large £150,917 per annum may appear, is still only a fraction of current market rents in Piccadilly.

Nonetheless, in unison with the other four Courtyard Societies, we continue to hold constructive

but confidential negotiations with our landlord, the MHCLG, about our future tenure at Burlington

House on an affordable basis.

Development Office The Head of Development assisted the General Secretary, Gill Andrews Hon. VPSA and a team

of staff, Fellows and Consultants in the successful application for £4,300,400 to the Heritage

Lottery Fund (now the National Lottery Heritage Fund, NLHF) to support our Kelmscott and

Morris: Past, Present & Future (KMPPF) project. The grant represents 77% of the total project

costs. The KMPPF Campaign Group have supported the Head of Development in raising £1

million since 2016 towards the remaining 23% of the project not funded by NLHF and generating

publicity (national press as well as coverage in the US and Iceland). Members of the Campaign

Group helped with plans for the KMPPF exhibition which will now take place at Burlington House

in July/Aug 2020.

Edward Harris FSA made a further commitment of £15,000 to support a three-year research grant.

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Fellows Stephen Croad and Vera Ivy Evison left legacies to the Society of £62,768 and £50,000,

respectively.

Governance

Nine ballots for new Fellows were held during the year, resulting in 78 new Fellows being elected.

At the year-end, there were 3,065 Fellows (up from 3,052 at the previous year-end).

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FINANCIAL REVIEW

The Consolidated Statement of Financial Activities shows a surplus of £274,764, which is marginally

up from last year’s surplus of £218,109 before gains on investments, transfers between funds and

actuarial losses. The surplus is a consolidation of the Society’s activities including those of its wholly

owned trading subsidiary, Lucerna Limited.

Income

The Society derives income from several sources, the principal being donations, grants & legacies,

investment income, subscriptions & admissions, trading income from Kelmscott Manor and room

hire at Burlington House. Total income for the year was £2,634,914 compared with £2,263,820 in

the previous year ‒ an increase of £371,094. Major variances to last year were;

· unrestricted legacy of £62,768 received from Stephen Croad. Previous year’s unrestricted

donations were £6,081;

· a restricted bequest from Vera Ivy Evison for Library book purchases amounting to

£50,000; no bequests toward Library book purchases was received last year;

· final receipt from the Estate of Beatrice de Cardi of £53,935 (Endowment Fund);

· restricted donations and grants for KM PPF were £635,404 up from last year at £524,468;

· restricted grants for publications totalled £57,000 (Staffordshire Hoard: £52,000; Isurium

Brigantum: £5,000). Last year’s publication grant income was £nil,

· Other income: £42,573, which is up from last year of £1,499

Investment income is derived from listed investments and from the Society’s four cottages at

Kelmscott. These are split between restricted and unrestricted funds. £655,000 worth of capital was

liquidated from the unrestricted investment portfolio, resulting in unrestricted investment income

being down by £10,388 compared to last year (Note 5 on page 40). The liquidation of capital was to

set aside cash in anticipation of rising operational costs which include (amongst other costs) rent at

Burlington House (refer to note on page 11 - ‘Burlington House lease renewal’) and contributions

towards the USS pension deficit (note 10 on page 43).

Income from the restricted listed portfolio increased compared to last year from £284,239 to

£314,988. This is in line with market growth in the year which is reflected in the real and unreal gains

on investments of £436,163 (last year was a loss of £143,000). The restricted rental income from the

Kelmscott cottages was down to £41,985 from £48,344 in 2018 because one of the cottages was

vacant for a period in the year under review.

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The marginal increase in the subscription income was as a result of a combination of the Annual

Fellowship Subscription and admissions into the Fellowship. The subscription was increased in

January 2019 from £172 to £178 per annum. There was no increase in January 2018. The number

of Fellows at year-end was slightly more than that at 31 March 2018 as reported under ‘Governance’

on page 12, which resulted in a higher subscription income of £459,413, up from £442,805 last year.

However, lower gift aid countered the effects of the increase stated above.

Income from publications and merchandise was lower than the previous year at £44,486 from

£79,140. In the previous year, Cambridge University Press (CUP), who publish the Antiquaries

Journal, was able to strike a one-off deal with a consortium of European institutions.

A refund of £37,000 for rates relating to prior years stretching from 2011 account for the bulk of other

income of £44,917 compared with £1,499 last year.

Expenditure

Consolidated expenditure has increased by £314,439 in the year, to £2,360,150 from £2,045,711 in

2017-18. This is due to several factors summarised broadly into:

· Kelmscott and Morris; Past Present & Future: development and delivery phases

· Burlington House rental costs plus related legal and professional costs

Expenditure on raising funds which comprise Development Office costs, Lucerna cost of sales and

room hire running costs were marginally higher than last year. For the second consecutive year,

Development Office costs at £18,763 were lower than usual (in the region of £110,000 without the

KMPPF project) because of staff time and allocated support costs spent on the KMPPF project. Cost

of sales for the trading subsidiary and room hire activities are in line with increased turnover

compared to the previous year.

Conservation (note 7)

Total conservation costs increased from £920,683 in 2018 to £1,051,140 this financial year. Most of

the expenditure was attributable to Kelmscott Manor operations and the KMPPF project. Operational

cost was £380,144, up from the previous year’s total of £295,298. The development phase ended

during the year. However, delays in starting the delivery phase meant that expenditure was lower

at year-end (£176,477 from £274,301 the previous year). A grant from the NLHF supports 77%

of the allowable expenditure on the KMPPF project. The NLHF grant is receivable on the amounts

expended. The grant is included in note 2, ‘Donations, grants and legacies’, of the financial

statements under ‘Restricted Funds’.

15

Extensive upgrade and repair work were completed on the cottages at Kelmscott to ensure that the

cottages comply with new legislation on energy efficiency. The cost of the work was £90,687. Support

costs attributed to conservation work were higher than in the previous year because of the

astronomical Burlington House rental costs. This has been explained on page 11 under the topic

‘Burlington House lease renewal’. During 2018-19, the Society awarded conservation grants totalling

£50,197 compared with £52,015 the previous year. The Society’s policy on conservation grants is

stated on page 20.

Research (note 7)

The cost to maintain and run the Library, its core services and functions, as funded by the Society’s

Unrestricted Fund was £174,308 (155,650 in 2017-18) before support costs, representing 7.4%

(7.6% in 2017-18) of the Society’s total resources expended. The Library is a vital resource of the

Society. The Society’s policy on making research grants is detailed on page 20.

Research grants awarded from the Restricted Funds during the year amounted to £134,854

(£82,173 in 2017-18). This increase in grants was due to grants made from the Beatrice de Cardi

Fund (£36,385: was nil in 2017-18); Janet Arnold Fund (£21,181: was £7,324 in 2017-18) and

Hugh Phillips Fund (£39,974: was (£33,497 in 2017-18), as shown in the chart below.

Dissemination (note 7)

Total expenditure under dissemination was £454,274 compared with £441,478 in the previous year.

The costs in this section vary depending on how staff time is focused on the various activities. With

the exception of the Antiquaries Journal, work on publications was funded by grants, bequests and

- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

Tessa & Mortimer Wheeler

William Lambarde Memorial

Margaret & Tom Jones

Janet Arnold

Research

de Cardi

Hugh Phillips

Library Activities

Research activities (Restricted Funds) 2019 vs 2018

2019 2018

16

donations. A transfer was made from the Hugh Phillips fund of £55,000 (nil in 2017-18) to cover

the net cost of producing the journal. Other notable transfers made (see note 11) are:

· a transfer of £33,575 (£35,000 in 2017-18) from the General fund to the Tercentenary fund

to cover the deficit

· A transfer of £10,508 (nil in 2017-18) from the Bicentenary restricted income to the Restricted

Capital fund. This represents digital income from CUP being re-invested.

Fixed Asset Additions

During the year the Society upgraded its computer equipment both at Burlington House and

Kelmscott Manor. Computer equipment additions were £16,813 (£nil in 2017-18). Assets under

construction shown in note 13 to the financial statements relate to the KMPPF project. The amount

spent as at year-end was £104,368 (£nil in 2017-18); this was spent on architecture, design and

project management.

Kelmscott Manor incorporating Lucerna Ltd

Appendix 1 shows the operational results of Kelmscott Manor with a surplus of £998 (£23,223 in

2017-18) after Burlington House (BH) staff costs in managing Kelmscott operations (£11,520; was

£8,089 in 2017-18) and BH support costs of £35,023 (£15,975 in 2017-18). This increase in

support costs at BH caused the reduced profit when compared with last year. Even with these

costs, Kelmscott managed a small surplus.

Gains on Revaluation of Investments

Investments gained a total of £436,162 (£143,000 loss in 2017-18), of which £182,285 were

realised gains and £253,877 were unrealised gains on listed investments and £35,000 revaluation

of the investment property. Investments are valued at market value. This year the investment

property, which comprises the Kelmscott cottages and agricultural land, was valued by Ross Kent

MRICS FAAV of Carter Jonas LLP.

Actuarial Losses on Defined Benefit Pension Schemes

The Society participates in the Universities Superannuation Scheme (USS). Under the accounting

rule FRS 102, the Society must recognise its share of the pension scheme deficit from 1 April

2015. Using the modeller provided by USS, the Society has charged the Statement of Financial

Activities and increased the pension provision by £1,198 (£3,542 in 2017-18).

17

FUTURE PLANS The key aims of the Society for 2019 to 2020 include the following:

Enabling the Society to Achieve its Objectives

The Society’s highest priority will be to continue to engage with the landlord (the Ministry for

Housing, Communities and Local Government) and its agents on a mutually satisfactory solution

to our long-term tenure of Burlington House.

Conservation

Museum collections

The Society will submit its Accreditation return to maintain Accredited status for its museum

collections at both sites.

Kelmscott Manor The Manor will continue to be operated for the enjoyment and education of our visitors and with

rigorous control of costs. However, the opening season for 2019-2020 will end two months earlier,

at the end of August 2019. This is to allow preparations for contractors to start the repairs and

construction works associated with the Kelmscott and Morris: Past, Present and Future (KMPPF)

project. A shorter open season will have an impact on the trading performance of the Manor, but

the loss of earnings will be covered from reserves in the Kelmscott Fund.

The first phase of the KMPPF capital works will commence on site in October 2019 and will consist

of improvements to the layout and access to the visitor car park, repairs and refurbishment of the

north and south road barns, café, shop and the construction of the new learning centre. Work to

the Manor itself will be undertaken in 2020-2021.

In order to safeguard the Kelmscott museum collections whilst work is underway, the entire

contents of the House will be decanted and placed in secure storage until the House fully re-

opens in July 2021.

Research

Grants

The Society will continue to support its grant-giving programme and will build on its success in

seeking additional funds from sponsorship, donations and legacies.

Library Strategic Plan

Work on the Library and Museum Strategic Plan will continue. The Society will appoint a new

member of staff to oversee the implementation of the plan.

18

Dissemination

Monograph programme

Work will continue on the publication of four monographs: The Staffordshire Hoard, The Inventory

of King Henry VIII (vol. III); Landscape and Settlement in the Vale of York; and Isurium Brigantum:

An Archaeological Survey of Roman Aldborough.

We will continue to make our back-catalogue of monographs available digitally through OAPEN

and ADS.

Public exhibitions and events at Burlington House

Planning will commence for an exhibition at Burlington House in July and August 2020 entitled

Love of the Past: William and & Jane Morris at Kelmscott Manor. The exhibition will be aimed at

raising funds to support the KMPPF project.

Following the success of the 2018 Research Showcase, this will become an annual event with

the 2019 showcase taking place on 19 July 2019.

Website and membership database

The new website will go live in late autumn 2019. This will help to modernise our digital

engagement and output. The website will include a ‘Collections Highlights’ features, allowing us

the opportunity to showcase our hidden collections. Kelmscott Manor will be more prominent on

the new website.

A new membership database will be launched in 2019 to improve communication with our

Fellows. Our regional groups were consulted regarding the communications needs and this will

be factored into the system.

The Future

Council has made provision to ensure that the financial resources of the Society are used effectively

and efficiently. The Strategic Business Plan is reviewed quarterly, and the results of the reviews are

used to inform the budgeting process.

Council’s planning for 2019/20 established an operating budget that as closely as possible

matches day-to-day activities with expected income. The financial sustainability of the Society is

at the core of Council and to that end it has agreed project-based activities such as the KMPPF,

the Kelmscott Exhibition and publication programmes, which are funded from identified additional

resources raised from external sources for the purpose. Management accounts based on the

operational budget are reviewed quarterly by the Finance Committee, which then reports to Council.

19

Reserves Policy

The Society’s activities are funded either from the Unrestricted Fund or Restricted Funds donated

for specific purposes, but all need a continuity of income provided by a consistent and preserved

capital base. A significant factor affecting the general policy towards reserves is that, during its

existence and in fulfilment of its objectives, the Society has built up significant holdings of

manuscripts, books, pictures, artefacts and other objects of antiquarian importance. It also employs

the specialist staff required to manage the care and use of these collections. The provision of

sufficient capital to provide the income to allow for the continued growth and maintenance of and

access to these collections is therefore a prime objective. The policy is kept under review, but Council

wishes, as far as possible, to maintain and increase the current levels of capital and income.

Total funds of the Society and its subsidiaries at the year-end amounted to £18,203,552

(£17,493,824 in 2017-18). This includes endowment capital funds of £5,594,099 (£5,430,449 in

2017-18), restricted capital funds of £4,938,088 (£4,927,684 in 2017-18) and unspent restricted

income funds totalling £884,734 (£619,002 in 2017-18). Free reserves at the year-end amounted to

£1,243,300 (£731,128 in 2017-18), representing retained unrestricted income reserves, excluding

an amount of £361,473 (£335,280 in 2017-18) for the book value of intangible and tangible fixed

assets, an amount of £5,706,975 (£5,570,556 (in 2017-18) for long-term investments and an amount

of £131,082 (£129,884 in 2017-18) for the pension provision (see note 22 in the Financial

Statements). The amount included cash balance of £655,000 from the unrestricted capital drawdown

held by Sarasin & Partners at year-end.

The free reserves at the year-end of £1,243,300 (£731,128 in 2017-18) were higher than the policy

target for free reserves of £227,666 because of the cash raised from the capital liquidation to meet

Burlington House rent demands and other costs as explained below (under ‘Investment Policy’) as

well as to ensure adequate cashflow for the KMPPF project. The free reserves target is defined as

three months’ expenditure of Unrestricted Funds (before other recognised gains/losses).

Investment Policy

The Society’s holdings are managed by Sarasin & Partners LLP within their Charity Authorised

Investment Funds. These funds are structured to minimise risk by maintaining a balance between

fixed interest and equities (see below). Since the Society does not have a segregated portfolio,

income is received net of management charges, which are in the region of £18,000 a

quarter. Sarasin’s performance is reviewed by the Finance Committee, which reports to Council.

The policy of the Council of the Society is to maintain the invested capital of the Society for both the

long-term benefit and the present activities of the Society.

20

Considering the Society’s policy, together with the expected return and risks relative to the liabilities

on different types of investment, the Council believes that it is appropriate to the aim of achieving

steadily growing income and capital appreciation to maintain and improve upon the value in real

terms and provide long-term protection from inflation. The agreed structural asset allocation for the

portfolio is a benchmark composite comprising of a 90% allocation to the Sarasin Endowments Fund

and a 10% allocation to the Sarasin Income and Reserves Fund. This benchmark composite thus

produces an asset allocation as follows:

Benchmark Low High

% % %

FTSE Gilts All Stocks (Total Return) 11.85

BofA Merrill Lynch Sterling Corporate 11.4

Fixed Interest 13.25 41.5

FTSE All Share 5% capped (Total Return) (UK) 19 9 29.5

MSCI All Countries World Daily ex-UK (Local Currency) 22.5

MSCI All Countries World Daily ex-UK 23.5

Global equities 36 36.5

IPD All Balanced Property Fund Index 3.6

S&P Developed Property 3.15

Property 0 13.5

UK Cash LIBOR 1 Month 5 0 14.0

At 31 March 2019, the Society’s listed investments had a market value of £14,644,315 (£14,168,112

in 2017-18)

The Society operates a Total Returns policy, which permits a small amount of capital to be withdrawn

each year. The current maximum percentage is 1.5% of funds. During the year the drawdown was

£655,000 (£nil in 2017-18). The drawdown was made to meet the escalating cost of Burlington

House rent, contributions toward the USS pension deficit and other operational costs. The Finance

Committee continues to monitor the capital withdrawals and Council reviews the Total Returns policy

when the budget for each year is prepared, to ensure that the long-term stability of the Society is

preserved.

Grant-making Policy A primary objective of the Society, and one that reflects its Royal Charter of 1751, is its support

for research into the cultural heritage of the UK and overseas, and for communicating the research

results. It is vital that the Society’s research and publications programme meets the needs of both

its Fellowship and the wider research community, particularly the individual researcher. Thus, in

21

a climate of reduced public expenditure, the Society can make a more strategic contribution to

the support of UK and international research relating to the cultural heritage.

The Society also invites applications for support of the conservation of historic buildings, mainly

churches, through its Morris Fund, which was formed in 1939 following the death of May Morris,

the younger daughter of William Morris, FSA. Under the terms of her will, the Society received

her residuary estate ‘for the purpose of providing a fund for the protection of ancient buildings’,

so perpetuating one of her father’s chief interests. May Morris required that grants should be

made only to works that are carried out in accordance with the principles of the Society for the

Protection of Ancient Buildings (SPAB).

Details of how to apply for research and conservation grants, together with relevant

documentation, are available on the Society’s website (www.sal.org.uk/grants).

22

LEGAL STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The present Society can trace its origins back to 1707. It received a Royal Charter in 1751 and

was given accommodation in Somerset House in the Strand by order of the Treasury and with

royal consent in 1781. The Society moved to Burlington House, Piccadilly, in 1874. The premises

are currently occupied under a lease agreed with the then Office of the Deputy Prime Minister

(ODPM) in 2005. It is registered as a charity with the Charity Commission for England and Wales

(number 207237).

The Society’s premises at Burlington House contain a specialist library, meeting rooms, an

important collection of antiquities, manuscripts and paintings, and the administrative offices of the

Society. The Society has Accredited Museum status for its historic collections at Burlington House

and for its collections at Kelmscott Manor, in Oxfordshire, the former summer home of William

Morris, Fellow, and leader of the English Arts and Crafts movement.

The Society is composed of an elected college of more than 3,000 Fellows, drawn from scholars

and practitioners working in the fields of archaeology, architectural and art history, museum

studies, conservation and cultural resource management, together with ecclesiastical,

documentary, heraldic, musical and linguistic study – the common theme being the study of the

material past. The Society plays a significant role in encouraging scholarship nationally and

internationally and performs advisory and advocacy roles in matters involving the historic

environment and the wider cultural heritage. As an independent charity and a leading non-

governmental organisation in its sector, the Society is uniquely placed to encourage and facilitate

public debate on the management, conservation, presentation and wider understanding of the

cultural heritage. It nominates representatives to the Council of the National Trust and appoints

Trustees to the British Museum and to the Sir John Soane’s Museum in London. It advises the

All-Party Parliamentary Groups concerned with culture and heritage.

Council (Trustees) and advisory committees

The Society is governed by its Royal Charter and Statutes (revised 2015–16). The main governing

body of the Society is the Council, which can consist of between twelve and twenty-one members

(Trustees) elected by Fellows, including the President, Treasurer, Director and Hon. Secretary,

who act as Honorary Officers. It meets four times a year to set the broad strategy and business

planning of the Society, to approve grant-making, investment of reserves and risk-management

policies, and also to monitor performance in all areas of activity.

23

Council is advised by nine advisory committees made up of expert Fellows and advisers. These

are: Finance, Research, Publications, Library and Collections, Kelmscott, Morris Fund

(conservation grants), and Policy. Each committee oversees the delivery of an aspect of the

Society’s strategic objectives. Membership of the Committees is listed on the Society’s website

(https://www.sal.org.uk/about-us/governance/documents/).

To facilitate effective operations, the General Secretary (Chief Executive Officer) has delegated

authority, within terms of delegation approved by Council, for implementing the Strategic Business

Plan and for all day-to-day operational matters.

Appointment and training of Council members (Trustees)

At the Annual General meeting, dated 26 April 2018, the following members retired from Council:

· Gill Andrews (President);

· Stewart Bryant;

· Anthony Davies;

· Stephen Greep;

· Dan Hicks.

At the same meeting, the following Fellows were elected as trustees (or Officers):

· Paul Drury (President);

· Heather Sebire (Hon. Secretary);

· Duncan Brown;

· Emma Carver;

· John Cooper;

· Barney Sloane.

In order to meet the requirement of Statute 4.4 that one third of the Ordinary Members of Council

retire each year, we have asked the following, who are the longest serving members of Council but

who have not completed their three years of office, to retire and immediately be co-opted to

complete their agreed terms:

· Dr John Maddison;

· Dr Elizabeth Hallam-Smith;

· Dr Alan Lloyd.

Council keeps the expertise and skill requirements for its membership under review and aims to

ensure that it is both reflective of the interests of the Fellowship of the Society and has the

business competence to administer the charity effectively. Shortly after their election, new

24

members of Council undergo formal induction to brief them on their legal obligations under charity

law, the governance of the Society, the committee and decision-making process, the strategic

and business plan, accounting and risk-management cycles, and on the recent financial

performance of the charity. During the induction day, new Trustees meet senior staff and other

Trustees. Several Trustees also attend seminars held by our investment managers Sarasin &

Partners on investment strategy.

Contribution of volunteers

The Society is dependent on voluntary help to assist with the documentation and conservation of

its historic resources (Library, archives and museum collections) and to assist with the opening

of Kelmscott Manor for public enjoyment and education.

In the period of this report, approximately 103 volunteers contributed to the operation of Kelmscott

Manor. Their input included stewarding and guiding on general open days, group visit and study

days; assisting with inventory and basic collections-related projects; and attending training

sessions. In addition, the Manor’s Volunteer Research Group contributed to new interpretation

and displays, and its Volunteer Education Group delivered a number of drop-in family sessions.

The Society’s staff In 2018–19, the Society employed on average 21 full-time equivalents under the overall

leadership of the General Secretary, and these are split between the Society’s apartments at

Burlington House and Kelmscott Manor.

Staff work within authority and powers delegated to them by Council to deliver the Society’s

strategic and day-to-day objectives at both locations. At Burlington House, along with the General

Secretary, our mainly full-time staff maintain and manage the Library and the collections, provide

general administration, financial services and governance, and deliver our programmes of

publication, communications and development.

Council regularly reviews the appropriateness of all staff posts to ensure that the Society is

operating as effectively as possible in achieving its objectives as required by our charitable status

and Royal Charter.

At Kelmscott Manor, the focus for our staff, most of whom work only during the open season, is

on maintaining the Kelmscott Estate, and ensuring that it functions well as an attraction for visitors.

During the period when the Manor is open, much effort is expended, together with the volunteer

team, on ensuring that visitors to Kelmscott receive a proper welcome through the provision of

services, including the restaurant and shop. We also employ staff, with assistance from Burlington

25

House as needed, to keep the estate, its collection and its garden maintained, and to administer

the property and manage its finances. Council acknowledges with gratitude the work of our staff

at both locations during the past year.

Remuneration of senior staff

The Society has salary bands for assistants, officers, management and senior management.

When a new senior management appointment is made the salary is determined by researching

market rates for the post. All senior management salaries are approved by Finance Committee

and Council.

Subsidiary relationships

The Society is the sole registered member of Lucerna Ltd, a company limited by guarantee, which

operates the shop, collects admission fees and provides refreshment facilities to the public at

Kelmscott Manor, the Society’s historic house in Oxfordshire.

Risk management

Council has an annual process for reviewing the major risks to which the Society is exposed. The

process for reviewing risk accords closely with the Strategic Business Plan. It has established

systems and procedures to identify, prioritise and manage those risks. Particular attention has

focused on the new Burlington House lease and the nature of the Society and its activities.

The Society has ongoing processes, which operate throughout the financial year for identifying,

evaluating and managing the principal risks and uncertainties faced by the Society and its

subsidiaries in undertaking their activities. When it is not able to address risk issues using internal

resources, the Society takes advice from external experts with specialist knowledge. Policies and

procedures within the Society are reviewed by the relevant Committee. Financial and investment

risks are monitored and assessed by the Finance Committee. Training courses and other forms

of career development are available, when requested, to members of staff to enhance their skills

in risk-related areas.

Council, which has the ultimate responsibility for managing any risks faced by the Society, has

reviewed the processes in place for managing risk and the key identified risks to which the Society

and its subsidiaries are exposed, and has concluded that robust systems are in place to manage

these risks. The Society’s Risk Register records risks identified by senior management and

Council, and the measures put in place to mitigate these risks. The Register is reviewed by senior

management each quarter, and by Council every six months. The principal risks and uncertainties

faced by the Society and its subsidiaries and the corresponding mitigation measures are

described as follows:

26

RISK IDENTIFICATION RISK MANAGEMENT

Strategic Action Risk Description

Consequence Control Procedure Responsibility

Maintain and develop Burlington House as a viable entity and improve the intellectual and financial contribution of the properties to the Society

Very rapid escalation of rent under renewed lease to January 2025.

Tenure of BH in jeopardy; rapid escalation of rent.

Courtyard Societies have met with representative of the Secretary of State to open discussions on securing a long-term lease or freehold.

General Secretary and Council

" Society has to re-locate after 2024-2025.

Re-location would have significant financial consequences and will change the nature of the Society and its activities, and potentially limit public access to our Library and Collections.

Council has decided to make contingency plans for relocation.

General Secretary and Council

FUNDRAISING ACTIVITIES

We receive most of our funds in the form of restricted (projects) or unrestricted (general support)

grants from institutional funders – primarily charitable trusts, foundations, private individuals and

government in the form of gift aid. In 2018/19 the charity raised £773,748 (2017/18 - £596,246)

from sponsored activities (restricted donations), of this amount £635,405 (2017/18 - £524,468)

relate to the Kelmscott Manor: Past, Present and Future Project, £57,000 (2017/18 – nil) raised

for publication and £81,343 (2017/18 - £71,778) raised for other Restricted Funds. £79,546

(2017/18 - £24,557) was raised in unrestricted donations and grants. Please refer to note 2 of the

accounts for details.

Although raising funds from the public still represents a small percentage of our income, we are

compliant with the Charities (Protection and Social Investment) Act 2016, including the guidance

outlined by the Charity Commission for England and Wales (CC20 and CC15d) regarding trustee

duties and reporting, respectively. We have never received a complaint regarding our fundraising

approach from the general public, or any corporates, institutions or foundations with whom we

engage. All staff and others working on our behalf follow the Code of Fundraising Practice as

outlined by the UK’s Fundraising Regulator. We do not employ any third-party organisation to

conduct fundraising activities on our behalf. All corporate partnerships are agreed before after a

27

full due diligence and conflict of interest check has been passed and the relationship is based on

a contract stipulating clear monitoring and reporting requirements. In 2018/19 we will review all

our fundraising systems and approaches to ensure that they are fully compliant with the European

Union General Data Protection Regulations 2016/679.

28

ADMINISTRATIVE DETAILS Trustees from 26 April 2018 to 30 April 2019

President

Paul John Drury MRICS IHBC

Vice-Presidents

John Maddison BA PhD Hon Dr Arts

Holly Trusted BA PhD

Treasurer

Stephen Dunmore BA OBE

Director of Research and Publications

Christopher Julian Scull MA

Hon Secretary

Heather Rose Sebire BA PhD DipArch PGCE MEd

Ordinary Members of Council

Duncan Brown BA MCIfA

Emma Carver MPhil FSA Scot

John Cooper DPhil FRHistS

Elizabeth Hallam Smith CB PhD

Alan Lloyd BA MA DPhil

John Maddison BA PhD Hon Dr Arts

Barney Sloane BA

The list of standing committees, their responsibilities, membership

and frequency of meetings can be found at:

http://www.sal.org.uk/about-us/governance/documents/

29

Senior Staff General Secretary (Chief Executive Officer)

John S C Lewis BSc FSA

Head of Library and Collections

Heather Rowland BA MCILIP

Head of Finance and Operations

Jerry Gweme BCompt FCCA MBA

Head of Development Dominic Wallis BA

Property Manager, Kelmscott Manor Gavin Williams PGCM

Publications Manager

Lavinia Porter BA

Principal Advisers

Bankers

Coutts & Co

St Martin’s Office

440 Strand

London WC2R 0RS

Legal Advisers

Stone King LLP

Boundary House

91 Charterhouse Street

London EC1M 6HR

Auditors

Moore Kingston Smith LLP

Chartered Accountants

Devonshire House, 60 Goswell Road

London EC1M 7AD

Investment Managers

Sarasin & Partners LLP

Juxon House

100 St Paul’s Churchyard

London EC4M 8BU

30

Approval of Annual Report of Council The Annual Report of Council set out on pages 1 to 29 was approved by the Council on 17th October 2019.

STATEMENT OF COUNCIL’S RESPONSIBILITIES The Council is responsible for preparing the Report of the Council and the financial statements in accordance with applicable law and regulations. Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). Under charity law, the Governing Body must not approve the financial statements unless it is are satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to: · select suitable accounting policies and then apply them consistently; · observe the methods and principles in the Charity’s Statement of Recommended Practice

(SORP); · make judgements and estimates that are reasonable and prudent; · state whether applicable accounting standards, including FRS 102, have been followed,

subject to any material departures disclosed and explained in the financial statements; · state whether a SORP applies and has been followed, subject to any material departures that

are explained in the financial statements. · prepare the financial statements on the going concern basis unless it is inappropriate to

presume that the Society will continue in business. The Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable it to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the Royal Charter. It is also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF THE SOCIETY OF ANTIQUARIES OF LONDON

Opinion

In our opinion the financial statements:

•

•

•

•

•

We have audited the financial statements of the Society of Antiquaries for the year ended 31 March 2019 which comprise the Group Statement of Financial Acctivities, the Group and Charity Balance Sheet, the Group Cash Flow and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

give a true and fair view of the state of the charity’s affairs as at 31 March 2019, and of its incoming resources and application of resources, for the year then ended;have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; andhave been prepared in accordance with the requirements of the Charities Act 2011.

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; orthe trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

31

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF THE SOCIETY OF ANTIQUARIES OF LONDON (CONTINUED)

We have nothing to report in this regard.

•

•••

Auditor’s responsibilities for the audit of the financial statements

the financial statements are not in agreement with the accounting records and returns; or

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; orthe charity has not kept adequate accounting records; or

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

we have not received all the information and explanations we required for our audit.

Responsibilities of trusteesAs explained more fully in the trustees’ responsibilities statement set out on page X, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

32

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF THE SOCIETY OF ANTIQUARIES OF LONDON (CONTINUED)

•

•

•

•

•

James Cross, Moore Kingston Smith LLPStatutory auditor

Devonshire House 60 Goswell Road London

Date ………………. EC1M 7AD

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

33

The Society of Antiquaries of LondonConsolidated Statement of Financial Activities

for the year ended 31 March 2019

2019 2019 2019 2019 2018Unrestricted Restricted Endowment Total Total

Note Funds Funds Funds Funds Funds

£ £ £ £ £Income and endowments from:

Donations, grants and legacies 2 79,546 823,748 53,935 957,229 620,805Charitable activities 3

Subscriptions and admissions 547,834 - - 547,834 539,061Sales of publications, copyrights and merchandise 11,761 32,725 - 44,486 79,140

Other trading activities 4 114,171 375,268 - 489,439 486,208Investments 5 194,136 356,973 - 551,109 537,107Other 42,573 2,244 - 44,817 1,499

Total Income 990,021 1,590,958 53,935 2,634,914 2,263,820

Expenditure on:

Raising funds 6Development office 18,763 - - 18,763 17,324Costs of sales (trading subsidiary) - 189,612 - 189,612 185,427Costs of sales (hire of rooms) 51,200 33,883 - 85,083 72,748

Charitable activities 7Conservation 131,608 919,532 - 1,051,140 920,683Research 417,579 143,699 - 561,278 408,051Dissemination 291,512 162,762 - 454,274 441,478

Total Expenditure 910,662 1,449,488 - 2,360,150 2,045,711

Net income before gains/(losses) on investment assets and actuarial gains/(losses) 79,359 141,470 53,935 274,764 218,109

Gains/(Losses) on investments 14 225,356 101,091 109,715 436,162 (143,000)

Net income 304,715 242,561 163,650 710,926 75,109

Transfers between funds 11 (33,575) 33,575 - - -

Other recognised gains/(losses):Actuarial (losses) on defined benefit pension schemes 10 (1,198) - - (1,198) (3,542)

Net movement in funds 269,942 276,136 163,650 709,728 71,567

Reconciliation of funds:Total funds brought forward at 1 April 2018 6,516,689 5,546,686 5,430,449 17,493,824 17,422,257

Total funds carried forward at 31 March 2019 20 &21 6,786,631 5,822,822 5,594,099 18,203,552 17,493,824

34

The Society of Antiquaries of LondonBalance Sheet as at 31 March 2019

Group Society Group SocietyNote 31 Mar 31 Mar 31 Mar 31 Mar

2019 2019 2018 2018

£ £ £ £Fixed assetsIntangible assets 12 26,651 25,601 1,934 1,934Tangible assets 13 890,633 885,314 831,310 829,383Investments 14 16,279,315 16,279,315 15,768,112 15,768,112Heritage asset 15 40,000 40,000 40,000 40,000

17,236,599 17,230,230 16,641,356 16,639,429

Current assetsStock 48,625 - 61,284 -Debtors 16 413,264 414,834 219,086 433,326Cash at bank and in hand 1,904,995 1,760,820 1,447,345 1,099,372

2,366,884 2,175,654 1,727,715 1,532,698LiabilitiesCreditors: Amounts falling due within one year 17 (1,268,849) (1,257,379) (745,363) (733,116)Net current assets 1,098,035 918,275 982,352 799,582

Provision for liabilities 18 (131,082) (131,082) (129,884) (129,884)

Total net assets 18,203,552 18,017,423 17,493,824 17,309,127

The funds of the charityEndowment funds 19 5,594,099 5,594,099 5,430,449 5,430,449Restricted funds

Restricted capital funds 20 4,938,088 4,938,088 4,927,684 4,927,684Restricted income funds 21 884,734 698,605 619,002 618,007

Unrestricted funds 6,786,631 6,786,631 6,516,689 6,332,987Total charity funds 18,203,552 18,017,423 17,493,824 17,309,127

Approved by the Council and authorised for issue on 17th October 2019,

35

The Society of Antiquaries of LondonConsolidated Statement of Cash Flows

for the year ended 31 March 2019

2019 2018Notes £ £

Cash flows from operating activitiesNet cash provided by operating activities (see below) 129,413 1,748,271Cash flows from investing activities

Dividends, interest and rents from investments 551,109 537,107Purchase of property, plant and equipment (147,831) (8,091)Proceeds from sale of investments 745,000 373,000Purchase of investments (40,455) (1,940,023)Change in cash held in investments (779,586) (35,285)

Net cash provided by/(used in) investing activities 328,237 (1,073,292)

Change in cash and cash equivalents in the reporting period 457,650 674,979

25 1,447,345 772,366

25 1,904,995 1,447,345

2019 2018operating activities Group Group

£ £Net income 710,926 75,107

Adjustments for:Depreciation charges 61,858 68,374Amortisation 1,933 10,358(Gains)/losses on investments (436,162) 143,000Dividends, interest and rents from investments (551,109) (537,107)Decrease in stocks 12,659 3,480(Increase)/decrease in debtors (194,178) 1,993,639Increase/(decrease) in creditors 523,486 (8,580)

Net cash provided by operating activities 129,413 1,748,271

Reconciliation of net income/(expenditure) to net cash flow from

Cash and cash equivalents at the beginning of the reporting period

Cash and cash equivalents at the end of the reporting period

36

The Society of Antiquaries of LondonNotes to the Financial Statementsfor the year ended 31 March 2019

1 Accounting policies

Accounting basis and standards

Bequests and legacies

Subscriptions

Investment incomeInvestment Income is recognised when received by the investment managers.

Allocation of expenditure

Governance costs

Grants payable

Intangible fixed assets and amortisation

Website management software 3 years

Tangible fixed assets and depreciation

Building improvements - general 10 yearsBuilding improvements - Burlington House refurbishment over the term of the leaseBoiler - Burlington House 15 yearsBuilding improvements at Kelmscott 25 yearsLift 25 yearsFurniture, fittings and equipment 4 - 5 yearsComputer equipment 4 years

Investments

Operating leasesAll leases are regarded as operating leases and payments made under them are charged to the Statement of FinancialActivities as incurred.

The following policies have been adopted consistently in dealing with all material items in the financial statements.

The financial statements have been prepared under the historical cost convention with items recognised at cost ortransaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have beenprepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)issued on 16 July 2014 and the Charities Act 2011.

Bequests and legacies are included in the Statement of Financial Activities in the accounting year in which the Societybecomes entitled to them and the amount receivable can be quantified with reasonable certainty. They are allocatedbetween the Society's funds in accordance with the donor's wishes where they are expressed.

Fellows' subscriptions cover a calendar year to 31 December. They are time apportioned over the accounting periods towhich each calendar year relates. Sums received in respect of subscriptions compounded in accordance with the Society'sstatutes are included in the Statement of Financial Activities in the year in which they are received. No reserve has everbeen made for any unexpended balance as the amounts involved are not material.

The allocation of expenditure is based on staff costs incurred by charitable objective. Figures given in notes 7 and 7ainclude the cost of staff for that activity. Support costs have then been allocated in proportion to the staff cost incurred.

Governance costs relate to the direct costs associated with the constitutional and statutory requirements of the charity andinclude the costs of external audit, secretariat and other constitutional related costs.

These are charged to the relevant fund in the Statement of Financial Activities in the period in which the commitment ismade and communicated to the recipient.

Expenditure in excess of £1,000 of a capital nature is capitalised and depreciation on tangible fixed assets is provided atrates estimated to write off the cost, less the estimated residual value, of each asset over its expected useful life, as follows:-

Cottages on the Kelmscott Estate are not depreciated but are shown at their open market values as the Society receivesrental income therefrom.

No depreciation is charged on the Kelmscott cottage held for investment purposes as this is shown at fair value. No value isattributed in the balance sheet to the Society’s library, pictures or antique furniture at Burlington House, as most of theseitems were acquired or donated over many decades and reliable cost information or value at the time of donation is notavailable. Purchases of new library items are accounted for in the period in which the expenditure is incurred.

The Society's investments are included in the financial statements at their mid-market values at the balance sheet date.Realised and unrealised gains and losses on investments are added to, or deducted from, the appropriate fund in thebalance sheet.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Expenditure in excess of £1,000 of a capital nature is capitalised and amortisation on intangible fixed assets is provided atrates estimated to write off the cost, less the estimated residual value, of each asset over its expected useful life, as follows:-

The charity constitutes a public benefit entity as defined by FRS 102.The financial statements are produced in sterling whichis the functional currency of the charity. Monetary amounts are rounded to the nearest pound.

37

The Society of Antiquaries of LondonNotes to the Financial Statementsfor the year ended 31 March 2019

1 Accounting policies (continued)

Financial Instruments

Judgements and key sources of estimation uncertainty

Heritage assets

The Society of Antiquaries of London heritage assets fall into three broad collections: the library, the museum collections at Burlington House,and the museum collection at Kelmscott Manor. Each of these is considered in turn, below:

All items in these collections are accessible to the public either on public display or to view by appointment. Items are also loaned out to otherexhibitors.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periodin which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods affects bothcurrent and future periods.

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

Additions to heritage assets since 1 October 2010 are capitalised at cost, or valuation at the time of their donation, if this can be ascertainedwith sufficient reliability. The capitalisation threshold for additions to heritage assets is £10,000. See note 15 for more information.

Defined benefit pension provision - The provision brought forward and the charge for the current financial year were calculated usingmodellers provided by the pension provider (USS). Any judgements made when completing these have supporting documentation.

The Society’s museum collections and Kelmscott Manor are maintained principally for their contribution to knowledge and culture andtherefore fall within the definition of heritage assets under Financial Reporting Standard 102 and the Charities SORP. Substantially all ofthese items have been donated to the Society over many years and reliable cost/valuation information is not available, and the cost ofobtaining current valuations would be onerous when compared with any additional benefit that might be derived in assessing the stewardshipof the Society’s assets. In addition, it is considered inappropriate to apply conventional valuation techniques to these assets, due to theuniqueness of and association with particular individuals or periods in history, making them irreplaceable in terms of recreating the sameservice potential. Consequently, heritage assets acquired prior to 30 September 2010 are not recognised in the financial statements. Furtherinformation on the Society's collections is given in the Trustees' Annual Report.

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial InstrumentIssues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the group balance sheet when the groupbecomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in thefinancial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a netbasis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income, all other debtor and creditor balances are considered to be basic financialinstruments under FRS 102. See notes 16 and 17 for the debtor and creditor notes.

In the application of the company's accounting polices, the directors are required to make judgements, estimates and assumptions about thecarrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions arebased on historical experience and other factors that are considered to be relevant.

The LibraryThe Library comprises historic books and printed materials dating from the late 15th century, manuscripts dating from the 10th century, andthe Society’s archive. The archive holds papers and documents relating to the Society's history from its foundation in 1707. The majority of the items in the Library have been bequeathed or given to the Society since its foundation. Other items were purchased.

The Museum Collection at Burlington HouseThe museum collection consists of objects of historic or associational significance owned by the Society of Antiquaries of London, namely:archaeological artefacts, monumental brasses, clocks, paintings, seal impressions and casts, medals, regalia, prints and drawings, andhistoric items of furniture associated with the Society’s history. There are around 40,000 objects in the collection. The majority of the objectsin the museum collection at Burlington House have been bequeathed or given to the Society since its foundation. Other objects werepurchased.

The Museum Collection at Kelmscott ManorThe museum collection at Kelmscott Manor represents the applied and decorative arts produced or collected by William Morris, DanteGabriel Rossetti and Jane and May Morris, and the pre-Morris occupancy of the Manor. The collection consists of: textiles, ceramics,metalwork, paintings, prints and drawings, historic furniture, and books. There are around 800 objects in the collection.

The museum collections at Burlington House and Kelmscott Manor are Accredited as awarded by the Arts Council. In order to meet therequirements for Accreditation policies and procedures for the management of the collections are in place and were approved by Council.These are all available on the Society’s website at https://www.sal.org.uk/museum-collection/museum-policies/

Acquisitions and disposalsAcquisitions are only made and gifts only accepted in accordance with the Collections Development Policy. New gifts and bequests areaccepted and accessioned into the collections following the approval of the Library and Collections Committee, and reported to Council.Significant and substantial gifts are included in the annual report.

Disposals will only take place in accordance with the Collections Development Policy. The Collections Development Policy is available on theSociety’s website at https://www.sal.org.uk/museum-collection/museum-policies/

38

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

1 Accounting policies (continued)

Stock

Pension scheme contributions

Reserves accounting policy

Consolidation

2. Donations, grants and legacies Total Total 2019 2018

Unrestricted funds £ £Donations & Legacies 63,726 6,081Legacies 15,820 18,476

Restricted fundsDonations 81,343 71,778Grants 692,405 524,468Legacies 50,000 -Legacies - endowments De Cardi 53,935 -

Total donations and legacies 957,229 620,803

3. Income from charitable activities Total Total 2019 2018

Unrestricted funds £ £Subscriptions 459,413 442,805 Admissions 12,625 15,155 Tax recoverable on gift aided subscriptions 75,796 81,101 Publications, copyrights and merchandise 11,761 19,821

Restricted fundsPublications and copyrights 32,725 59,319

Total income from charitable activities 592,320 618,201

Restricted funds are subject to restrictions imposed by the donor. These are accounted for separately from unrestricted funds anddetails are given in notes 20 and 21.

Permanent endowment funds are those that are held on trust to be retained for the benefit of the Society as a capital fund and detailsare given in note 19.

The Society is the sole registered member of Lucerna Limited, a company limited by guarantee, which operates the shop, collectsadmission fees and provides refreshment facilities to the public at Kelmscott Manor. The company pays its taxable profit to the Societyunder Gift Aid. Consolidated accounts have been prepared in accordance with the Statement of Recommended Practice on Accountingand Reporting by Charities. No separate Statement of Financial Activities for the Society is presented as permitted by the CharityCommission.

The stock of goods for resale is stated at the lower of cost and net realisable value. The majority of the Society's stock of publicationsare learned journals, research reports and occasional papers which are issued to Fellows. Unissued copies are available for resale,but no value is attributed to them as the demand is uncertain.

The Society participates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing definedbenefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and isunable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required bySection 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a wholly defined contributionscheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since theSociety has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overalldeficit, the Society recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to thedeficit) and therefore an expense is recognised.

Unrestricted funds are those which are not subject to restrictions and any surpluses arising may be applied in furtherance of any of theSociety’s objectives.

39

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)4 Income from other trading activities Total Total

2019 2018Unrestricted funds £ £Hire of rooms 114,171 111,012

Restricted fundsTurnover from trading subsidiary (Lucerna Ltd) 375,268 375,196

Total income from other trading activities 489,439 486,208

5 Income from investments Total Total 2019 2018

Unrestricted funds £ £Listed investments 194,136 204,524

Restricted fundsListed investments 314,988 284,239Rent from Kelmscott Cottages 41,985 48,344

Total income from investments 551,109 537,107

6 Expenditure on raising funds Total Total 2019 2018

Unrestricted funds £ £Cost of sales - hire of rooms 26,611 32,925Development office 18,763 -Support costs (note 7a) 24,589 17,651

Restricted fundsDevelopment office - 17,324Cost of sales - trading subsidiary 189,612 185,427Support costs (note 7a) 33,883 22,172

Total expenditure on raising funds 293,458 275,499

7 Expenditure on charitable activities Total Total Unrestricted funds 2019 2018Conservation £ £Maintain museum collection at Burlington House and Kelmscott Manor 47,307 36,487Ensure library and museum collections are adequately preserved and housed 2,222 1,199Strengthen management and development of library and collections 2,907 7,262Support costs (note 7a) 79,172 49,686

131,608 94,634ResearchMaintain and run library, its core services and functions 174,308 155,650Support costs (note 7a) 243,271 159,880

417,579 315,530DisseminationPublications programme - 35Raise profile of Society and improve access to its collections through temporary loans and exhibitions 9,824 27,924Improve and widen access to library and museum resources and services 8,207 8,020Strengthen and maintain the Society through recruitment of more diverse Fellowship 12,222 14,003Engage the Fellowship in the activities of the Society 7,655 9,965Strengthen and maintain lecture and seminar programme 16,639 14,413Raise profile with Fellows, the Heritage sector and general public through communications strategy 57,155 77,776Engage and shape government, public and professional opinion and policy 14,034 13,535Support costs (note 7a) 165,776 152,641

291,512 318,312

Total unrestricted expenditure on charitable activities 840,699 728,476

40

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

7 Expenditure on charitable activities (continued) Total Total Restricted funds 2019 2018Conservation £ £Maintain museum collection at Burlington House and Kelmscott Manor - 9,314 Library Strategic Plan 6,867 12,702 Encourage and support conservation by making grants (note 7c) 50,197 52,015 Kelmscott Manor Past, Present and Future project 176,477 274,301 Maintain and develop Kelmscott Manor as a viable entity 380,144 295,298 Support costs (note 7a) 305,847 182,419

919,532 826,049 ResearchEncourage and support research by making grants (note 7c) 134,854 82,173

Maintain and run library, its core services and functions - 3,762 Support costs (note 7a) 8,845 6,586

143,699 92,521 DisseminationPublications programme 104,687 74,748 Raise profile of Society and improve access to its collections through temporary loans and exhibitions - 18,098 Support costs (note 7a) 58,075 30,320

162,762 123,166

Total restricted expenditure on charitable activities 1,225,993 1,041,736

Total expenditure on charitable activities 2,066,692 1,770,212

7a Analysis of support costs Total Total 2019 2018

Unrestricted funds £ £Maintain and develop Burlington House as a viable entity 604,738 300,971Finance and administration 68,327 80,397Information management 30,630 22,824Administrative support 38,498 34,377Human resources 46,031 57,035Legal and professional 10,193 9,262Depreciation 60,491 59,775Support charge to restricted funds (384,520) (223,064)Governance costs (note 7b) 38,419 45,720

Restricted fundsSupport charge from unrestricted funds 384,520 223,064Governance costs (note 7b) 22,131 22,014

919,458 632,375

7b Analysis of governance costs Total Total 2019 2018

Unrestricted funds £ £Facilitate the strategic and operational aims of the business plan 1,344 3,130Maintain good governance 24,674 36,359Financial and professional regulation 34,532 28,244

60,550 67,733Included in above governance costs:Audit fee - Society - current year 21,000 20,000Audit fee - Lucerna - current year 4,800 4,250Audit fee - Society - prior year 1,344 1,005Audit fee - Lucerna Ltd - prior year 602 824Charge for non-audit services 1,000 3,285

28,746 29,364

41

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)7c Analysis of grants Total Total

2019 2018Restricted funds £ £Grants to individuals 67,305 21,675

Grants to institutions 116,486 96,788Unspent/unclaimed grants released (14,000) (1,657)

169,791 116,806The highest grant awarded in 2018/19 was £14,907 to an organisation (2017/18 was for £5,500 to an individual).

8 Income deferral

9 Employee information2019 2018

The average number of persons employed by the Society during the period was:Library and museum 5 5Administration and management 7 7Publications 1 1Development 1 1Kelmscott Manor 15 15

29 29

2019 2018

£ £Their total remuneration was:Wages and salaries 653,421 641,958Social security costs 57,255 57,370Pension costs 96,811 93,609

807,487 792,937

2019 2018£60,001 - £70,000 1 1

Pension paid on behalf of these employees were 12,471 12,114

Key management Total remuneration paid to key management was £329,977 (2017/18 - £324,680)

Trustee remuneration and expenses

Staff at Kelmscott Manor are predominately part time and working patterns reflect the seasonal nature of the activities. Only three members (2017/18-3) of staff have a Full Time Equivalent ("FTE") exceeding 0.7.

No remuneration has been paid to the members of Council, nor any persons connected with them, other than the reimbursement to 10 (2017/18 - 12) members of their travelling expenses totalling £1,330 (2017/18 - £3,277) incurred when attending meetings or when on other Council business.

The number of employees during the year whose gross pay and benefits (excluding employer pension contributions) fell within the following bands was:

Key management are considered to be the General Secretary, Head of Library and Collections, Head of Finance and Operations, Head of Development and the Property Manager at Kelmscott.

Membership subscription can be paid annually in advance on the 1st January each year. Therefore at the year end three quarters of membership income paid in this way is deferred at the year end.

42

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

10 Pension scheme

Discount ratePensionable salary growthPension increases (CPI)

Mortality base table

Future improvements to mortality

2019 2018Males currently aged 65 (years) 24.6 24.5Females currently aged 65 (years) 26.1 26.0Males currently aged 45 (years) 26.6 26.5Females currently aged 45 (years) 27.9 27.8

Scheme assets £63.6bn £63.6bnTotal Scheme liabilities £72.0bn £72.0bnFRS 102 total Scheme deficit £8.4bn £8.4bnFRS 102 total funding level 88% 88%

2.64%

Pre-retirement:71% of AMC00 (duration 0) for males and 112% of AFC00 (duration 0) for females.

Post retirement:96.5% of SAPS S1NMA “light” for males and 101.3% of RFV00 for females.

CMI_2016 with a smoothing parameter of 8.5 and a long term improvement rate of 1.8% pa for males and 1.6% pa for females.

20192.44%

2019 2018

n/a

The current life expectancies on retirement at age 65 are:

2.11% 2.02%

Pre-retirement:71% of AMC00 (duration 0) for males and 112% of AFC00 (duration 0) for females.

Post retirement:96.5% of SAPS S1NMA “light” for males and 101.3% of RFV00 for females.

CMI_2016 with a smoothing parameter of 8.5 and a long term improvement rate of 1.8% pa for males and 1.6% pa for females.

n/a

A new deficit recovery plan was put in place as part of the 2017 valuation, which requires payment of 5% of salary over the period 1 April 2020 to 30 June 2034. The 2019 pension liability provision reflects this plan. The provosion figures have been produced using the following assumptions as at 31 March 2018 and 2019.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the Scheme’s experiencecarried out as part of the 2017 actuarial valuation. The mortality assumptions used in these figures are as follows:

The Society participates in Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for allmembers), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutualnature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Society is thereforeexposed to actuarial risks associated with other institutions employees and is unable to identify its share of the underlying assets and liabilities of thescheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the Society therefore accounts for thescheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributionspayable to the scheme. Since the Society has entered into an agreement (the Recovery Plan) that determines how each employer within the schemewill fund the overall deficit, the Society recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate tothe deficit) and therefore an expense is recognised.

The total cost charged to the Statement of Financial Activities is £98,009 (2017/18: £97,151) comprising pensions contributions of £96,811 and a£1,198 increase to the pension deficit provision (2017/18- £93,609 and £3,542).

The latest available complete actuarial valuation of the Retirement Income Builder section of the Scheme is at 31 March 2017 (the valuation date),which was carried out using the projected unit method. A valuation as at 31 March 2018 is underway but not yet complete.

Since the Society cannot identify its share of USS Retirement Income Builder assets and liabilities, the following disclosures reflect those relevant forthose assets and liabilities as a whole.

The 2017 valuation was the fourth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, whichrequires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At thevaluation date, the value of the assets of the scheme was £60.0 billion and the value of the scheme’s technical provisions was £67.5 billion indicatinga shortfall of £7.5 billion and a funding ratio of 89%.

2018

43

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

11 Transfers between funds

Unrestricted Restricted Total2019 2019 2018

£ £ £Transferred from Hugh Phillips fund:Bicentenary - 55,000 -Transfer from Research Restricted income to Research Restricted capitalEdward Harris donation 4,110 -Transfer from Bicentenary Restricted Income to Restricted CapitalAntiquaries Journal Digital Sales - 10,508 -General fund transfersTo fund Tercentenary restricted income deficit (33,575) 33,575 (35,000)To fund Blood Royal shortfall - - (4,798)Transfer from Kelmscott Restricted Capital to Restricted IncomeIn relation to Kelmscott cottages refurbishment - 90,687 -

12 Intangible Assets Website Society Lucerna GroupTotal Limited Total

Cost £ £ £ £At 1 April 2018 31,075 31,075 - 31,075Additions 25,600 25,600 1,050 26,650

At 31 March 2019 56,675 56,675 1,050 57,725

AmortisationAt 1 April 2018 29,141 29,141 - 29,141Charge for the year 1,933 1,933 - 1,933

At 31 March 2019 31,074 31,074 - 31,074

Net Book ValueAt 31 March 2019 25,601 25,601 1,050 26,651

At 31 March 2018 1,934 1,934 - 1,934

13 Tangible assets Buildings & Furniture Assets LucernaBuilding Fittings and Computer Under Society Limited Group

Improvements Equipment Equipment Construction Total Fittings Total£ £ £ £ £ £

CostAt 1 April 2018 1,750,306 159,980 103,348 - 2,013,634 48,904 2,062,538Additions - - 12,458 104,368 116,826 4,355 121,181

At 31 March 2019 1,750,306 159,980 115,806 104,368 2,130,460 53,259 2,183,719

DepreciationAt 1 April 2018 979,150 107,452 97,649 - 1,184,251 46,977 1,231,228Charge for the year 49,911 8,620 2,364 - 60,895 963 61,858

At 31 March 2019 1,029,061 116,072 100,013 - 1,245,146 47,940 1,293,086

Net Book ValueAt 31 March 2019 721,245 43,908 15,793 104,368 885,314 5,319 890,633

At 31 March 2018 771,156 52,528 5,699 - 829,383 1,927 831,310

44

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)14 Investments 31 Mar 31 Mar

2019 2018£ £

Investment propertiesMarket value at 1 April 2018 1,600,000 1,600,000Net gain on revaluation 35,000 -

Market value at 31 March 2019 1,635,000 1,600,000

Listed investmentsMarket value brought forward 1 April 14,122,181 12,698,158

(745,000) (373,000)Add: acquisitions during financial year 40,455 1,940,023Realised gains/(losses) on disposals 182,285 95,566Unrealised net gains/(losses) on revaluation 218,877 (238,566)

13,818,798 14,122,181Cash held by investment managers 825,517 45,931

Market value at 31st March 14,644,315 14,168,112

Cost (excluding cash balances) 10,729,677 11,251,936

Market value of all investments at 31st March 16,279,315 15,768,112

Investment in subsidiary undertakings

Total Total2019 2018

Statement of Income and ExpensesTurnover 376,281 374,991Operating costs (190,407) (190,541)Net interest (740) (750)

Profit on ordinary activities before taxation 185,134 183,700

31 Mar 31 Mar2019 2018

Balance Sheet at 31 March 2019:Fixed assets 6,368 1,925Current assets 195,289 411,155Creditors: amounts falling due within one year (15,528) (228,385)

186,129 184,695

The investment properties are the cottages on the Kelmscott Estate from which rental income is derived. They were valued on an open market basis in April 2016 by Carter Jonas LLP, a independent firm of chartered surveyors.

At 31 March 2019, all of the Society's listed investments were held in Sarasin's Alpha Common Investment Fund.

The Society was the sole member of Lucerna Limited (02906521), a company limited by guarantee. Summary financial information for the company is as follows (detailed information is given in the full statutory accounts for Lucerna Ltd):

Less: disposal proceeds (includes capital drawdowns as part of total returns policy, see page 21)

45

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

15 Heritage Asset

In the year ended 31st March 2016 the Society purchased 'The Homestead and the Forest Cot Quilt' at a cost of £40,000. There have been no indications of any impairment to its value.

16 Debtors Group Society Group Society31 Mar 31 Mar 31 Mar 31 Mar2019 2019 2018 2018

£ £ £ £

Subscriptions and room hire debtors 87,313 87,313 81,500 81,500Taxation receivable 80,546 80,546 11,472 11,472Other debtors 204,526 203,688 90,387 90,138Amount owed by Lucerna Limited (see below) - 4,058 - 216,139Prepayments 40,879 39,229 35,727 34,077

413,264 414,834 219,086 433,326

The amount owed to the Society by Lucerna Limited is made up as follows:Current account (30,942) 181,139Loan (bearing interest at Lloyds Bank plc base rate plus 3%)

35,000 35,000

4,058 216,139

17 Liabilities: amounts falling due within one year Group Society Group Society31 Mar 31 Mar 31 Mar 31 Mar2019 2019 2018 2018

£ £ £ £

Trade creditors 523,067 521,934 48,116 47,017VAT payable 7,123 7,123 90 -PAYE payable 14,479 14,479 15,073 15,073Subscription and grant income received in advance 358,232 358,232 348,071 348,071Accruals, grants payable and other creditors 365,948 355,611 334,013 322,955

1,268,849 1,257,379 745,363 733,116

17a Deferred income Group & Society31 Mar2019

£At 1st April 2018 348,071

(337,944)348,105

As at 31st March 2019 358,232

18 Provision for liabilites

Provision for defined benefit pensions reduction plan 131,082 129,884 129,884 129,884

Release of portion of annual membership subscriptions received in advance on 1 January 2018Deferral of portion of annual membership subscriptions received in advance on 1 January 2019

46

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

19 Permanent endowment funds Balance at Transfers/ Net Balance at Balance at Transfers/ Net Balance at31 Mar 2018 Endowments investment 31 Mar 2019 31 Mar 2017 Endowments investment 31 Mar 2018

received gains/losses received gains/losses£ £ £ £ £ £ £ £

Stevenson 99,787 - 920 100,707 97,079 - 2,708 99,787Somers Clarke 16,898 - 142 17,040 16,439 - 459 16,898Robert Garraway Rice 38,454 - 379 38,833 37,345 - 1,109 38,454William Lambarde Memorial 42,635 - 425 43,060 41,376 - 1,259 42,635William and Jane Morris 665,950 - 21,282 687,232 680,071 - (14,121) 665,950Tessa and Mortimer Wheeler 40,655 - 1,200 41,855 40,974 - (319) 40,655Hugh Phillips 1,924,997 - 20,962 1,945,959 1,863,689 - 61,308 1,924,997Janet Arnold 559,684 - 6,270 565,954 541,350 - 18,334 559,684Margaret and Tom Jones 521,202 - 15,029 536,231 525,256 - (4,054) 521,202Beatrice de Cardi Fund for Archaelogical Research 1,520,187 53,935 43,106 1,617,228 1,584,715 - (64,528) 1,520,187

5,430,449 53,935 109,715 5,594,099 5,428,294 - 2,155 5,430,449

47

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)19 Permanent endowment funds (continued)

The nature and purpose of each of the funds is as follows:

Stevenson and Somers Clarke Funds

The income from these funds is for the general purposes of the Society.

Robert Garraway Rice Fund

William Lambarde Memorial Fund

William and Jane Morris Fund

Tessa and Mortimer Wheeler FundThis was reconstituted in 1976, and provides travel grants to students of archaeology.

Hugh Phillips Fund

Janet Arnold FundThis was formed in 2002 and is to fund research into the history of dress.

Margaret and Tom Jones Fund

Beatrice de Cardi Fund for Archaelogical Research

Thanks to the generous bequest of the late Beatrice de Cardi, FSA, the Society’s grant programme will be extended to include archaeological research in the region defined by Baluchistan, the United Arab Emirates (UAE), the Sultanate of Oman, and Saudi Arabia.

The permanent endowment funds represent capital funds which have been donated or bequeathed to the Society, the income from which is to be applied for specific purposes which fall within the Society's objects. The permanent endowment funds do not contain any power to convert capital into income except by application to the Charity Commissioners.

The income from this fund is applied for the provision of a travelling scholarship or scholarships in archaeology or otherwise for the promotion of antiquarian studies.

This was formed in 1939. Its income is devoted primarily to grants for the conservation of churches and their fittings, although secular buildings are not excluded. The fund was augmented in 2004 by the transfer to it of the assets of the Lesley David Trust (registered charity number 262760).

The income from this fund is to be applied to the general purposes of the Society with special reference to the Research Fund, including prehistoric archaeology such as subscriptions to excavations, and to works and papers dealing with the same; also for promoting and assisting genealogical research. The income is therefore transferred to the Research Fund and grants are awarded accordingly.

The fund was formed during 2007 following the receipt of a bequest of £421,589 from the estate of Mrs Margaret Jones. The terms of the bequest specify that the income arising from the fund is to be utilised to provide funding for research grants to support projects relating to the methods or results gained from the archaeological excavations at Mucking, Essex.

The income from this fund is appropriated to the Bicentenary (Publications) Fund and to the Research Fund, both at the discretion of the Council, but with the proviso that research grants awarded therefrom are to be made to increase the knowledge of life and customs of the British Isles in any period prior to AD 1800.

48

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

20 Restricted capital fundsBalance at Capital Transfers Investment Balance at Balance at Capital Transfers Investment Balance at

31 Mar 2018 Addition Gain/(Loss) 31 Mar 2019 31 Mar 2017 Addition Gain/(Loss) 31 Mar 2018£ £ £ £ £ £ £ £ £ £

Research 365,486 - - 10,797 376,283 359390.04 - - 6,096 365,486John Evans 273,462 - - 7,498 280,960 275490.91 - - (2,029) 273,462Bicentenary (Publications) 590,202 - - 17,413 607,615 595696.05 - - (5,495) 590,202Kelmscott 912,551 - (90,687) 21,758 843,622 915636.24 - - (3,085) 912,551Kelmscott Cottages - Investments 1,600,000 - - 35,000 1,635,000 1600000 - - - 1,600,000Kelmscott Cottage - Fixed Asset 450,000 - - - 450,000 450000 - - - 450,000Tercentenary 63,198 - - 1,855 65,053 61545.48 - - 1,653 63,198Kenneth Gravett 672,785 - - 6,770 679,555 652947.04 - - 19,838 672,785

4,927,684 - (90,687) 101,091 4,938,088 4,910,706 - - 16,978 4,927,684

49

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)20 Restricted capital funds (continued)

The restricted capital funds have arisen from specific allocations and appeals by the Council for the purposes set out below. They are distinguished from permanent endowment funds by the fact that, if necessary, Council has the power to spend the capital of these funds.

Research FundThe Research Fund, set up in 1889, provides grants to support archaeological and documentary research within the Society's fields of interest.

Within the Research Fund, the Joan Pye Awards have been established to assist scholars who have completed a post-graduate research degree with further work, in the fields of pre-historic and Roman archaeology within the United Kingdom. The Hugh Chapman Memorial Research Fund provides awards for projects dealing with the Western Roman Empire, and archaeological and antiquarian matters in London and its environs.

John Evans Fund

The John Evans Fund was founded by a legacy from the estate of John Evans, a former president. Although the legacy was not subject to any legal restrictions, his letter of wishes expressed a strong desire for it to be added to the capital of the Research Fund. Accordingly, Council has resolved to invest the funds in the Research Fund. The income arising from the invested funds is credited to the Research Restricted Income Fund.

Bicentenary (Publications) FundThe Bicentenary (Publications) Fund, established after the Bicentenary of the Royal Charter in 1951, provides for the cost of the Society's publication series.

Kelmscott FundsKelmscott Manor and Estate was bequeathed to the Society under the terms of the Will of Miss May Morris. The Manor is not valued in the accounts because it is of a heritage nature. The invested funds have arisen following the disposal of part of the Estate property, which is required to be spent on the maintenance and conservation of historic buildings. Although the capital can be spent under the terms of the Will, currently it is invested and only the income is utilised to maintain Kelmscott Manor.

The cottages on the Estate are let on an arms' length basis, and therefore they have been included at their open market value at the balance sheet date.

The restricted income fund incorporates the activities of Lucerna Ltd through which the trading activities at Kelmscott Manor are conducted. A combined income and expenditure account, which incorporates the activities of Lucerna Limited, is set out in Appendix One.

Gravett FundThis fund has been created from a bequest from Kenneth Gravett, Fellow. The terms of the bequest permit both capital and income to be spent on the Society's library. Currently the income is credited to a restricted fund which is used for library activities.

Tercentenary FundThis fund was created following the launch of the Tercentenary Campaign to assist in the delivery of the Society's objectives and to widen public access to its resources, facilities and knowledge.

50

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

21 Restricted income fundsat 31 March 2019 Janet

ArnoldLibrary

Activities

William Lambarde Memorial

William & Jane Morris

Tessa & Mortimer Wheeler

Research Margaret & Tom Jones DeCardi Ter-

centenaryBi-centenary

(Pubns)Hugh

Phillips

Kelmscott Cottage

Refurbishment

Kelmscott Kelmscott HLF Project Total

£ £ £ £ £ £ £ £ £ £ £ £ £ £Income from:Donations, grants & bequests - 60,388 - - - 4,110 - - - 57,000 - - 66,844 635,405 823,747Investment income 23,870 28,105 1,652 27,155 1,532 24,885 19,239 55,867 - 24,113 79,821 - 70,734 - 356,973Sales - - - - - - - - - 32,725 - - 375,268 - 407,993Miscellaneous income - - - - - - - - - - - - 2,244 - 2,244Total income 23,870 88,493 1,652 27,155 1,532 28,995 19,239 55,867 - 113,838 79,821 - 515,090 635,405 1,590,957

Expenditure on Raising fundsDevelopment office - - - - - - - - 33,883 - - - - - 33,883Cost of sales of trading subsidiary - - - - - - - - - - - - 189,612 - 189,612

Charitable activitiesConservation - 6,867 - 55,802 - - - - - - - 90,687 324,480 441,696 919,532Research 21,181 - 2,013 - 359 27,847 15,939 36,385 - - 39,974 - - - 143,698Dissemination - - - - - - - - - 162,762 - - - - 162,762Total expenditure 21,181 6,867 2,013 55,802 359 27,847 15,939 36,385 33,883 162,762 39,974 90,687 514,092 441,696 1,449,487

Net income/(expenditure) 2,689 81,626 (361) (28,647) 1,173 1,148 3,300 19,482 (33,883) (48,924) 39,847 (90,687) 998 193,709 141,470

Transfers between funds - - - - - - - - 33,575 55,000 (55,000) 90,687 - - 124,262

Net movement in funds 2,689 81,626 (361) (28,647) 1,173 1,148 3,300 19,482 (308) 6,076 (15,153) - 998 193,709 265,732

Fund balances brought forward at 1 April 2018 144,125 123,846 3,048 35,146 3,345 16,341 8,518 31,610 308 26,244 202,464 - 3,944 20,063 619,002

Fund balances carried forward at 31 March 2019 146,814 205,472 2,687 6,499 4,518 17,489 11,818 51,092 - 32,320 187,311 - 4,942 213,772 884,734

Restricted income fundsat 31 March 2018 Janet

ArnoldLibrary

Activities

William Lambarde Memorial

William & Jane Morris

Tessa & Mortimer Wheeler

Research Margaret & Tom Jones DeCardi Ter-

centenaryBi-centenary

(Pubns)Hugh

Phillips Blood Royal Kelmscott Kelmscott HLF Project Total

£ £ £ £ £ £ £ £ £ £ £ £ £ £Income from:Donations, grants & bequests - - - - - 5,157 - - - - 13,300 53,321 524,468 596,246Investment income 20,833 27,313 1,430 26,959 1,485 25,268 17,356 40,287 22,031 69,664 - 79,959 - 332,585Sales - - - - - - - - - 59,319 - 375,196 - 434,515Miscellaneous income - - - - - - - - - - - - 1,482 - 1,482Total income 20,833 27,313 1,430 26,959 1,485 30,425 17,356 40,287 - 81,350 69,664 13,300 509,958 524,468 1,364,828

Expenditure on Raising fundsDevelopment office - - - - - - - - 39,496 - - - - - 39,496Cost of sales of trading subsidiary - - - - - - - - - - - - 185,426 - 185,426

Charitable activitiesConservation - 12,702 - 54,000 - - - - - - - - 320,587 438,760 826,049Research 7,324 3,762 1,553 502 33,006 11,872 1,005 33,497 - - - 92,521Dissemination - - - - - - - - - 105,068 - 18,098 - - 123,166Total expenditure 7,324 16,464 1,553 54,000 502 33,006 11,872 1,005 39,496 105,068 33,497 18,098 506,014 438,760 1,266,659

Net income/(expenditure) 13,509 10,849 (123) (27,041) 983 (2,581) 5,484 39,282 (39,496) (23,718) 36,167 (4,798) 3,944 85,708 98,169

Transfers between funds - - - - - - - - 35,000 - - 4,798 - - 39,798

Net movement in funds 13,509 10,849 (123) (27,041) 983 (2,581) 5,484 39,282 (4,496) (23,718) 36,167 - 3,944 85,708 137,967

Fund balances brought forward at 1 April 2017 130,616 112,997 3,171 62,187 2,362 18,922 3,034 (7,672) 4,804 49,962 166,297 - - (65,645) 481,035

Fund balances carried forward at 31 March 2018 144,125 123,846 3,048 35,146 3,345 16,341 8,518 31,610 308 26,244 202,464 - 3,944 20,063 619,002

51

The Society of Antiquaries of LondonNotes to the Financial Statements

for the year ended 31 March 2019 (continued)

22 Analysis of group net assets between funds at 31 March 2019

Unrestricted Funds

Restricted Funds

Endowment Funds Total Funds

£ £ £ £

Intangible fixed asset 26,651 - - 26,651Tangible fixed Assets 294,822 595,811 - 890,633Heritage assets 40,000 - - 40,000Investment properties - 1,635,000 - 1,635,000Long term investments 5,706,975 3,397,176 5,540,164 14,644,315Long term liability (131,082) - - (131,082)Other net current assets/(liabilities) 849,265 194,835 53,935 1,098,035

6,786,631 5,822,822 5,594,099 18,203,552

Analysis of group net assets between funds at 31 March 2018

Unrestricted Funds

Restricted Funds

Endowment Funds Total Funds

£ £ £ £

Intangible fixed asset 1,934 - - 1,934Tangible fixed Assets 333,346 497,964 - 831,310Heritage assets 40,000 40,000Investment properties - 1,600,000 - 1,600,000Long term investments 5,570,556 3,167,107 5,430,449 14,168,112Long term liability (129,884) - - (129,884)Other net current assets/(liabilities) 700,737 281,615 - 982,352

6,516,689 5,546,686 5,430,449 17,493,824

23 Financial commitments

24 Related party transactionsThere were no related party transactions in the year.

25 Analysis of cash and cash equivalents 2019 2018Group Group

£ £Cash in hand 35,643 12,050Notice deposits (less than 3 months) 1,869,352 1,435,295

Total cash and cash equivalents 1,904,995 1,447,345

26 Post balance sheet eventsThere were no post balance sheet events that require disclosure.

27 Capital commitmentsThere were no capital commitments that require disclosure.

Long Term Investments are defined as total investments less estimated capital drawdowns in 18/19 and any additional amount required to ensure free reserves (unrestricted other net current assets) are greater than 3 months unrestricted expenditure.

On 1 February 2005 the Society entered into an operating lease for Burlington House. The lease runs for 10 years and expired on 31 January 2015. Negotiations are ongoing to renew the lease.

52

The Society of Antiquaries of LondonNotes to the Financial Statements

Appendix I

Lucerna Limited and Kelmscott Manor 2019 2018Combined Income and Expenditure Accountfor the year ended 31 March 2019 £ £

IncomeDonations and grants (including admissions paid by Gift Aid) 66,844 53,320Interest and investment income 28,754 31,612Rents from Cottages 41,980 48,344Admission fees (excluding admissions paid by Gift Aid) 128,164 124,065Friends of Kelmscott 7,795 4,265Catering 94,655 92,420Goods & Books sold 144,306 151,106Other income 2,592 3,616Total Income 515,090 508,748

Cost of SalesCatering cost of sale 23,654 24,508Goods and Books for resale 71,686 72,374Shop expenses 4,106 5,894Restaurant Expenses 6,186 4,599Salaries 72,287 71,914Sundry 627 3,227Bank and credit card charges 10,955 10,358Event expenses 111 47

189,612 192,921

Gross Profit 325,478 315,827

ExpenditureSalaries 143,449 130,616Staff training and recruitment 1,725 943Volunteers & Guides 11,378 20,606Repairs and maintenance 16,509 19,869Rates and household 18,996 12,487Insurance 20,840 20,336Office Costs 11,925 15,794Friends of Kelmscott 483 -Publicity 26,114 16,899Garden expenses & car park 4,910 4,392Legal & Professional fees 7,007 6,788Audit and accountancy 5,903 5,099Depreciation 1,401 4,213Collections management & conservation 4,208 7,458Head Office staff time 11,520 8,089Apportionment of head office support costs 35,023 15,975Sundries 3,089 3,040Total Expenditure 324,480 292,604

Net Surplus for the period 998 23,223

53